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DEPRECIATION, CAPITAL: The wearing out, breaking down, or technological obsolescence of physical capital that results from use in the production of goods and services. To paraphrase an old saying, "You can't make a car without breaking a few socket wrenches." In other words, when capital is used over and over again to produce goods and services, it wears down from such use.
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MODEL An abstract representation of the real world that is usually based on scientific theories, principles, and hypotheses. A model is used to analyze economic phenomena by focusing on a small number of essential aspects of the real world. It is then manipulated to derive conclusions and implications that can be applied to the real world.
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The portion of aggregate output U.S. citizens pay in taxes (30%) is less than the other six leading industrialized nations -- Britain, Canada, France, Germany, Italy, or Japan.
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"Plans are only good intentions unless they immediately degenerate into hard work." -- Peter Drucker, management consultant
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FDI
Foreign Direct Investment
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